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 & (1) \\
VARIABLES & FDinv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w \\ \hline
 &  \\
FDshare5 & -0.0626* \\
 & (0.0299) \\
Constant & -0.000220 \\
 & (0.00183) \\
 &  \\
Observations & 177,976 \\
R-squared & 0.000 \\
Firm FE & No \\
Year FE & No \\
 Cluster & Firm Year \\ \hline
\multicolumn{2}{c}{ Robust standard errors in parentheses} \\
\multicolumn{2}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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